Al Sorayai Trading and Industrial Group started on Monday the subscription to new shares and rights trading to raise its capital to SAR 178.16 million from SAR 65.5 million.

 

Rights trading will close on Feb. 3, while the subscription process will end on Feb. 6.

 

Al Sorayai offered 11.27 million shares at SAR 10 each. Every registered shareholder is eligible for 1.72 rights for every 1 share held.

 

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

 

In case of under subscription, the underwriters, Aljazira Capital and Wasatah Capital will subscribe to these rights.

  

Key Figures of the Capital Hike

Current Capital

SAR 65.5 mln

Number of shares

6.55 mln

Hike %

172%

New Capital

SAR 178.16

New number of shares

17.82 mln

Key Figures of the Rights Issue

Number of right shares

11.27 mln

Offering price

SAR 10

Offering size

SAR 112.66 mln

Record date

Jan. 22

Eligibility

1.72 rights for every 1 share held

Beginning of rights trading period and new shares subscription

January 27, 2020

End of rights trading period

February 3, 2020

End of new shares subscription period

February 6, 2020

Use of rights issue proceeds

Supporting the group’s strategic plan and raising its solvency margin by restructuring and implementing an action plan that focuses on its core activities

Additional Information

Financial Advisor and lead manager

Aljazira Capital

Underwriters

Aljazira Capital- Wasatah Capital

 

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